Philanthropist MacKenzie Scott, the ex-wife of Amazon (NASDAQ:AMZN) founder Jeff Bezos, has donated $63 million to Morgan State University. It's Scott's second donation to the Baltimore-based university, bringing her total to $103 million in the last five years.
"To receive one historic gift from Ms. Scott was an incredible honor; to receive two speaks volumes about the confidence she and her team have in our institution's stewardship, leadership, and trajectory," university President David K. Wilson said in an Oct. 15 statement. "This is more than philanthropy—it's a partnership in progress."
Don't Miss:
- Deloitte's #1 Fastest-Growing Software Company Lets Users Earn Money Just by Scrolling — Accredited Investors Can Still Get In at $0.50/Share.
- Missed Nvidia and Tesla? RAD Intel Could Be the Next AI Powerhouse — Invest Now at Just $0.81 a Share
The unrestricted donation, meaning it can be used for any purpose, is one of her latest financial gifts to a historically Black college or university, HBCUs, institutions that have largely faced underfunding issues. Scott last month donated $38 million to Alabama State University and $50 million to Virginia State University, both HBCUs.
She donated $560 million to HBCUs in 2020 alone, according to a report from Rutgers University.
A history of underfunding
A 2024 Biden administration report found that 16 states underfunded HBCUs by $12 billion by failing to equitably distribute land grants to eligible institutions.
A land-grant university or college is an institution designated by a state legislature or U.S. Congress to receive funding and other benefits under the Morrill Acts of 1862 and 1890. The second law required states to provide funding to colleges for Black students.
Trending: Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen
Despite the requirement, the Biden administration report found the 16 states had underfunded HBCUs by $172 million to $2.1 billion per state between 1987 and 2020.
There have been no announcements on whether President Donald Trump will continue his predecessor's efforts on the land-grant funding. Letters written to the states by the prior administration have been removed from the DOE's website.
The Trump administration in September announced a one-time $495 million investment in HBCUs and tribally controlled colleges and universities.
Private endowments for HBCUs have also lagged behind non-HBCU institutions, the Biden administration report said.
The United Negro College Fund, a nonprofit that provides scholarships to Black students, says on its website that "private HBCUs have an average endowment of $25,390 per student, compared with $184,409 per student for private non-HBCUs."
Read Next:
- GM-Backed EnergyX Is Solving the Lithium Supply Crisis — Invest Before They Scale Global Production
- Accredited Investors Can Now Tap Into the $36 Trillion Home Equity Market — Without Buying a Single Property
Image: Shutterstock
